{"id":1674533,"date":"2018-08-10T10:08:23","date_gmt":"2018-08-10T17:08:23","guid":{"rendered":"https:\/\/www.retailpro.com\/News\/blog\/?p=1674533"},"modified":"2018-08-10T10:08:23","modified_gmt":"2018-08-10T17:08:23","slug":"psychology-of-price-the-markup-and-markdown-game","status":"publish","type":"post","link":"https:\/\/www.retailpro.com\/News\/blog\/index.php\/2018\/08\/10\/psychology-of-price-the-markup-and-markdown-game\/","title":{"rendered":"Psychology of Price: The Markup and Markdown Game"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p><iframe loading=\"lazy\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/QVyHPvDceac\" frameborder=\"0\" allow=\"autoplay; encrypted-media\" allowfullscreen><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p>Looking to improve inventory productivity and control?<\/p>\n<p>Retail Pro International and <a href=\"https:\/\/www.management-one.com\/\">ManagementOne<\/a>, the consulting brains behind <a href=\"https:\/\/www.retailpro.com\/include\/eng\/Solutions\/Retail-Pro-Planning\/\">Retail Pro Planning Open to Buy software<\/a>, have joined forces to bring retailers a\u00a03-part Retailer Success webinar series on\u00a0principles and tactics that will help you manage inventory better and compete profitably.<\/p>\n<p><strong>August 8 | The Psychology of Price: The Markup and Markdown Game <\/strong> <\/p>\n<p><strong>October 10 | Metrics that Matter <\/strong> <\/p>\n<p><strong>December 12 | 6 Essential Elements of a Winning Independent Retail Strategy <\/strong> <\/p>\n<p>Save your spot for the next sessions by registering <a href=\"https:\/\/register.gotowebinar.com\/register\/2921385194813215745\">here<\/a>.<\/p>\n<p>In this first session, ManagementOne&#8217;s\u00a0Director of Marketing and Sales, Paul Erickson, shares pricing psychology and strategies\u00a0that retailers should consider to determine price, rather than simply applying a markup formula based only on item cost.<\/p>\n<p>With the issue of pricing consistency across physical and digital channels hotly debated among retail strategists and consumers alike, determining smart pricing strategies is a top priority for many retailers.<\/p>\n<p>For all our Retail Pro users out there, here&#8217;s a quick refresher on <a href=\"https:\/\/www.retailpro.com\/News\/blog\/index.php\/2015\/09\/23\/manage-price-changes-with-default-discount-percentages\/\">efficiently managing price changes<\/a> in Retail Pro.<\/p>\n<p>Watch the webinar and follow along with the slides below!<\/p>\n<ul>\n<li>See why the lowest price is not always the right price<\/li>\n<li>Explore the psychology of price from the retailer and consumer&#8217;s point of view<\/li>\n<li>Learn tactics to remain competitive and maximize long-term profits<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><iframe loading=\"lazy\" style=\"border: 1px solid #CCC; border-width: 1px; margin-bottom: 5px; max-width: 100%;\" src=\"\/\/www.slideshare.net\/slideshow\/embed_code\/key\/jqPoC8RBRILbsc\" width=\"640\" height=\"521\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\"> <\/iframe><\/p>\n<div style=\"margin-bottom: 5px;\"><strong> <a title=\"The Psychology of Price: The Markup and Markdown Game\" href=\"\/\/www.slideshare.net\/Retail-Pro-International\/the-psychology-of-price-the-markup-and-markdown-game-109382343\" target=\"_blank\" rel=\"noopener\">The Psychology of Price: The Markup and Markdown Game<\/a> <\/strong> from <strong><a href=\"https:\/\/www.slideshare.net\/Retail-Pro-International\" target=\"_blank\" rel=\"noopener\">Retail Pro International, LLC<\/a><\/strong><\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; &nbsp; Looking to improve inventory productivity and control? Retail Pro International and ManagementOne, the consulting brains behind Retail Pro Planning Open to Buy software, have joined forces to bring retailers a\u00a03-part Retailer Success webinar series on\u00a0principles and tactics that &hellip; <a href=\"https:\/\/www.retailpro.com\/News\/blog\/index.php\/2018\/08\/10\/psychology-of-price-the-markup-and-markdown-game\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":13,"featured_media":1674535,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[169,171,170],"class_list":["post-1674533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-specialty-retail-management-and-operations","tag-pricing","tag-retail-management","tag-strategy"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.8 - aioseo.com -->\n\t<meta name=\"description\" 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